The Fed: Fed officials stress future interest-rate hikes not set in stone

Bloomberg News/Landov
Cleveland Fed President Loretta Mester said the stock market selloff has been orderly to date without any signs of panic.

Two Federal Reserve officials stressed Friday that the central bank won’t raise short-term rates without taking economic conditions into account.

Cleveland Fed President Loretta Mester, in an interview on CNBC, used the analogy of the Fed as a hiker. Like someone on a long walk, the Fed may have a destination in mind but conditions, like debris on the trail, may cause a reassessment of the plan. And if the hiker discovers a lake, he or she may abandon the plan altogether, she said.

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